Old Dominion said revenue in the fourth quarter of 2001 rose 3.3% to $124.4million, up from $120.4 million in the fourth quarter of 2000. Net income for the quarter jumped to $4.1 million, up from $2.5 million for the same quarter in 2000.
However, the fourth-quarter results in 2001 include the sale of operating property for an after-tax gain of $1.24 million and the sale of non-operating properties for a net after-tax gain of $471,000. Excluding these transactions, net income for the fourth quarter of 2001 reached only $2.4 million.
For 2001, Old Dominion saw its revenue increase 5.6% to $502.2 million, up from $475.8 million in 2000. Net income, however, slipped to $11.9 million in 2001, compared to $13.6 million in 2000.
Earl E. Congdon, chairman & CEO of High Point, NC-based Old Dominion, said revenue growth in 2001 came about largely from efforts to increase market share and through the acquisition of Carter & Sons Freightways last February.
